Fiscal cliffs, weather, and so on are all high on the list of things to watch as winter tightens its cold grip on the U.S at the end of December. And as we move from one year to the next, the biggest question in agriculture isn't about any of the above directly, or the possibility of another drought, but instead whether or not the cracks in the foundation of corn's demand market are enough to cause the whole thing to come crashing down in the year ahead.

Reasons for concern by market bulls are as numerous as the snowflakes that ...